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- Gold recovered from one-week low, but is still under pressure
Gold recovered from one-week low, but is still under pressure
Gold prices rose slightly from week low with the support of shopping at the market of Asia, but strong U.S. economic performance reduces the appeal of gold as a safe investment.
Investors are waiting to see how the U.S. economy will affect begun on Friday $ 85-billion reduction in public spending. Meanwhile, released last week, the February data on production, car sales and consumer sentiment in the U.S. pointed to faster economic growth.
Stocks of the world's largest gold-exchange-traded fund (ETF) SPDR Gold Trust on Friday fell to a seven-month low 1.254,885 tons, down ninth consecutive session. Improving forecasts for the world economy has increased the appetite for risk and attract investors to higher-yielding markets such as stocks.
Sales of gold coins in the United States rose sharply in February, while sales of silver coins were the highest for February since 1986.
April futures price of gold on COMEX today is trading in the range of 1571.60 - 1584.30 dollars per ounce.
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